Bradley v. Chase

22 Me. 511
CourtSupreme Judicial Court of Maine
DecidedMay 15, 1843
StatusPublished
Cited by2 cases

This text of 22 Me. 511 (Bradley v. Chase) is published on Counsel Stack Legal Research, covering Supreme Judicial Court of Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Bradley v. Chase, 22 Me. 511 (Me. 1843).

Opinion

The opinion of the Court was afterwards drawn up by

Sheplev J.

— The bill seeks relief from one of those unfortunate contracts of the year 1835, by which usually one and not unfrequently both the parties were seriously embarrassed or ruined. The judicial history of those contracts too frequently discloses an infatuation, which substituted fanciful and imaginary schemes of profit for the practical results of business and the past experience of life. - Sound judgment and a correct moral sense often yielded to the strong desire for sudden or rapid accumulation. The vendors have been found in many cases to have made inflated and deceptive statements ; and the vendees to have exhibited in others an eagerness to embark in delusive enterprises requiring no such statements to effect their ruin. While judicial tribunals may lament the destruction of hopes, and the personal sufferings occasioned by them ; they can only proceed, guided by its principles, to administer the law, which cannot be varied by any of these considerations, and to apply it to the proof introduced in the case before them.

[516]*516The defendant, acting under the influence of the prevailing excitement, appears to have originated the disastrous enterprise, from which this contract arose. The first important step taken in'its execution was the contract made on October 18, 1833, by which the defendant and others subscribed for shares, and authorized the purchase of lands in the State of Georgia for a sum not exceeding forty thousand dollars. This clause is found in the third article of that contract. “ And whereas Stephen Chase, Esquire, of Fryeburg, has procured information relative to said lands, and been at pains and expense in examining the subject, it is hereby agreed by the undersigned, that we will severally advance for the said Stephen Chase, provided he will go to Georgia and complete the purchase aforesaid, our proportion of a sum sufficient to pay one quarter part of the lands purchased as aforesaid; and shall hold the said quarter part as security for the payment of said advance.” At a meeting of the subscribers to that contract on October 24, 1833, it was “voted, that Stephen Chase, Abraham Colby, and Samuel E. Crocker, be the agents of the company for the purpose of exploring the lands in Georgia and making the purchases pursuant to the plan adopted.” These agents proceeded to Georgia, and before December 26, 1833, appear to have come to the conclusion to contract with Peter J. Williams to purchase seven hundred thousand acres of land at the price of seven cents an acre. Information thereof haying been communicated- to them by the letter of Mr. Crocker of that date, they, having assumed the name of the Georgia land company, on January 8, 1834, “ voted to instruct Stephen Chase, now at Milledgeville, to complete the purchase of seven hundred thousand acres as mentioned in said letter at the price therein mentioned, and to procure good title deeds to the same to the individuals of the company according to the amount of their several shares or interests in the concern.” Another vote was passed, at the same time, stating the names of the individuals to whom'the deeds were to be taken, omitting the name of the defendant, and containing this clause, “ that the land thus conveyed be held for [517]*517the benefit of the respective members of the company, who pay their several proportions of the purchase money according to their interest in the land thus purchased.” The defendant’s answer states, that the obligation of Williams was to convey to the agents, and that he remained in Milledgeville till sometime in the month of March, 1834, “ during which time said Williams, in part fulfilment of his said obligation, procured and conveyed to said obligees for said company about three hundred thousand acres of land, described in about fifteen hundred deeds of conveyance. All which proceedings were forthwith communicated to said company, and all the writings and papers relating to the same, including said deeds, were after the return of this defendant placed in the bands of William Willis of Portland, then the secretary and agent of said company.” The answer also states, that the agents before leaving Georgia made a contract with Robert Flournoy to secure the right of preemption for their own benefit of about eighteen thousand acres of land near the mouth of the little Ocmulgee river, including certain mills upon it. This contract was afterward by them transferred to the company. Mr. Willis, in his answer to the defendant’s seventeenth interrogatory, says, “my impression is that the title was conveyed both by Williams and Flournoy to Henry Goddard, Enoch Paine, and myself, as trustees of the company. At any rate I am sure, that the title was conveyed to the company ; and that the deeds were in my office.” At a meeting of the company on April 18, 1834, it was determined, that “ the property of said company shall be divided into forty shares. Ten of said shares, for which the company have agreed to make the payments for Stephen Chase, shall be held by them, until said advances, interest and expenses shall have been paid by said Chase or his assigns ; and the holders of the remaining thirty shares shall pay or cause to be paid all assessments, which may be laid upon said forty shares, and shall be reimbursed for their said advances and interest from the first sales or profits of the land.” At another meeting the company, on October 21, 1834, voted, that on or before the completing the purchase of the land and prop[518]*518erty contracted for by said company, so much at least of said properly shall be disposed of by sale or by increasing the number of shares, as shall be sufficient to pay the amount of cash advanced with interest and expenses on Stephen Chase’s shares; and on the reimbursement of said advances, &c. said Chase shall be entitled to receive his certificate of his shares free from any claim of said company, except such further assessments, as may be thereafter declared on said shares. And if additional shares should be created more than sufficient to pay said advances, the net proceeds' of the sales thereof after paying the amount due on the said Chase’s shares, shall be divided among the holders of the original stock in proportion to their respective interests.” The defendant again proceeded to Georgia with written instructions from the agent of the company, bearing date on Oct. 20, 1834, to procure an act of incorporation for the company ; to complete the purchase of the Flournoy mills and property ; and to procure further conveyances of land from Williams. An act was passed by the legislature of that State on December 17, 1834, incorporating certain persons and their associates by the name of the Georgia Lumber Company. A contract was made with the executor of Flournoy, who had deceased, for the purchase of that estate. But no further conveyances of lands from Williams were obtained. The defendant’s answer states, that he “ returned and made a full report of all his doings to said company, which said doings were, at a meeting of said company, acting under and by virtue of said act of incorporation, on the second day of February, 1835, fully ratified and confirmed, together with all the pre- ■ vious acts of the company, before they were incorporated.” And it appears, that at a meeting on that day, the Georgia lumber company voted, “ that all the acts and doings of the persons associated under the late name of the Georgia land company, relating to the purchase of lands, mills, &c.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Lovejoy v. Coulombe
131 A.2d 450 (Supreme Judicial Court of Maine, 1957)
Warner v. Daniels
29 F. Cas. 246 (U.S. Circuit Court for the District of Massachusetts, 1845)

Cite This Page — Counsel Stack

Bluebook (online)
22 Me. 511, Counsel Stack Legal Research, https://law.counselstack.com/opinion/bradley-v-chase-me-1843.